The Russian authorities strengthen their actions against domestic crypto payments with a new account that proposes steep fines and assets attacks.
According to local reports, the Ministry of Finance and the Central Bank jointly submitted the draft legislation with which individuals can have a fine of up to 200,000 rubles and companies a fine that was used up to 1 million rubles (about $ 12,500) for the use of crypto within the country.
The legal director of the Russian Central Bank, Andrei Medvedev, said that the bill formalizes existing restrictions and strengthens the position of the state that the use of digital assets for local payments is illegal.
Medvedev noted that although the current statutory code discourages all such activities, the proposed legislation adds a framework for enforcement.
In addition to financial fines, the account supervisors gives the authority to seize all digital assets used in these unauthorized transactions.
This step confirms Russia’s position against the use of crypto for daily transactions, although the country has used this assets for international transactions to circumvent Western sanctions.
Russia works together with crypto -fairs
In the meantime, Russian supervisors have warned the participants in the industry not to assume that the anonymity function of Crypto will protect them and enable them to break the local laws.
Olga Tisen, head of the legal department of Rosfin monitoring, stated that exchanges active in Russia provide routine user data when requested by authorities.
Tisen emphasized that these practices are in line with global compliance standards, whereby the common conviction is refuted that crypto transactions are completely anonymous. She mentioned Binance as an example and pointed to a dedicated portal on her website for communication with Russian law enforcement.
She said:
“All crypto exchanges and exchangers who have at least one representative office in Russia also work together with law enforcement agencies and provide information about the owner of the Crypto portion.”
The approach underlines the increasing supervision of the country of digital assets, despite its parallel efforts to use their potential.
The authorities have a kick-start-start plans to develop a national crypto exchange for Hoognet-worthy individuals and cross-border settlements. The proposed exchange will operate under an experimental legal regime, so that foreign traders can use digital assets in international deals.